Pandit stepping down as Citi CEO

Pandit stepping down as Citi CEO

Credit: REUTERS

A woman uses an ATM inside a Citi bank branch in New York August 12, 2009. REUTERS/Lucas Jackson

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by Associated Press

WCNC.com

Posted on October 16, 2012 at 8:34 AM

NEW YORK (AP) -- Citigroup Inc. says Vikram Pandit is stepping down as CEO and a board member.

The New York bank's new CEO will be Michael Corbat, the CEO of the company's Europe, Middle East and Africa division.

Pandit says that "now is the right time for someone else to take the helm at Citigroup" after the bank "emerged from the financial crisis as a strong institution."

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